Monday, October 2, 2023

NPS To Debt Mutual Fund Income Tax Know These Seven Changes From April 1…

New Rules from April 2023: The new financial year is starting from 1 April 2023 i.e. tomorrow. In such a situation, this is a good opportunity for investment and financial goals. However, with the beginning of the new financial year, many things are also changing. From tax on debt mutual funds to NPS withdrawal, post office scheme and other things are changing.

Seven rules are going to change from April 1. Let’s know what rules are changing and what will be its effect on you.

Changes in income tax rules

Income tax related changes announced in Budget 2023 will be implemented from 1st April. The biggest change regarding tax, instead of 5 lakh in the new tax system, the limit will increase to 7 lakh rupees annually.

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Second- Leave Travel Allowance encashment will increase to Rs 25 lakh instead of Rs 3 lakh. Along with this, tax will have to be paid on giving more than Rs 5 lakh premium for life insurance.

third- Investment in market linked debentures will be short term capital asset and there will be no capital tax if physical gold is converted into electronic gold.

No LTCG tax benefit for debt mutual funds

From April 1, the benefit of LTCG tax will not be given on debt mutual funds. Investment in equity market below 35 per cent of short term gains will also be taxed, which was earlier in the exempted category.

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Changes in post office schemes

From April 1, the investment limit in the Near Citizen Savings Scheme will be increased to Rs 30 lakh instead of Rs 15 lakh.
Apart from this, the limit of investment in Monthly Income Scheme will be Rs 9 lakh instead of Rs 4.5 lakh and the limit under joint account will be Rs 9 lakh to Rs 15 lakh. Both these schemes give the benefit of regular income to the people.

new rules of nps

The Pension Fund Regulatory and Development Authority has made it mandatory to upload KYC documents, which is effective from 1 April 2023. NPS users will have to provide withdrawal form, identity and address proof, bank account, copy of PRAN etc. to withdraw money.

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Repo rate may increase

The Reserve Bank’s first monetary policy announcement for the financial year 2023-24 is to be made on 6 April. In such a situation, it is expected that another increase in the repo rate can be seen.

Buy gold jewelery with HUID number

Gold jewelery and other gold products with HUID number will be allowed to be sold at all jewelery stores in India. HUID number is a six digit alphanumeric number.

Revised Tariff Structure for Axis Bank Savings Account

Axis Bank is going to change the tariff structure for savings account. This change will be applicable from 1 April.

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